Median Sales Price Blossoms In May

While some have noted a slight pause this year in the housing recovery, the American dream of homeownership is alive and well, according to the Greater Chattanooga Association of Realtors.

Officials said, "We must still contend with market fluctuations. If buyers are expected to buy homes, they need homes for sale. Also, buyers need reliable financing, better jobs and stronger wage growth. The opportunities are out there, and it is important for people take advantage of them."

Home sales decreased by 9.7% in the month of May, closing with 635 residential homes sold. For buyers out there looking, it’s encouraging that in May, New Listings in the Chattanooga region increased 6.4 percent to 1,227. Despite a slight shrink in inventory levels shrank by 0.6 percent to 5,215 units. Also absorption rates slowed as Month’s Supply of Inventory was up 4.5 percent to 9.3 months. Days-on-Market increased 8.1 percent to 133 days.

The Median Sales Price increased 6.7 percent to $154,450. The Average Sales Price increased to $185,145, which reflects a 5.4 percent increase from April’s numbers. Even better news regarding prices is that both the median and average sales price are up nearly 8 percent from a year ago.

Vicki Trapp, president of the Greater Chattanooga Association of Realtors said, “We’ve had a mixed bag of economic news lately. As expected, national GDP contracted slightly during Q1-2014, which most economists attribute to impermanent factors like the harsh winter. We’ve now had more than four straight years of monthly private sector job growth. It hasn’t been extraordinary growth, but it sure beats mass layoffs. Buoyed by an improving sales mix, home prices continue their ascent despite erratic demand indicators.More inventory, more high-skilled job growth, and less economic and political uncertainty are still top priorities.”

The Leeco Steel property at 2500 E. 38th St. has been sold for $2,125,000. The sale was to Shades Mountain Properties Llc from Leeco Steel Llc . Leeco continues to operate at the site. Leeco Steel is a division of O'Neal Steel, which dates to 1921. Leeco Steel is described as "a steel service center specializing in carbon, HSLA, alloy, abrasion-resistant, extra-high- ... (click for more)

Habitat for Humanity of Greater Chattanooga Area announced that business leaders, Tracee D. Smith and Barbara Marter and longtime educator and community leader, Veronica Herrera have been appointed to its board of directors. The appointments were effective June 25 and will increase the number of directors to 17 members. "We are excited that Barbara, Tracee, ... (click for more)

Michael Futrell, 38, was shot by Corey Mullinax, 25, Saturday night in Cleveland at approximately 9:15 p.m. T he shooting occurred at Forest Grove Apartments at 2350 Blackburn Road SE. According to multiple witness statements, the victim, Mr. Futrell, walked over to the vehicle of Mullinax, where the two were speaking. The suspect then shot the victim in the torso. ... (click for more)

Javier Lansden, 18, was shot early Sunday morning on West 38th Street. At approximately 2:47 a.m., the Chattanooga Police Department responded to 264 Water Street for a person shot. Officers found that the shooting occurred at 263 West 38 th Street. The victim stated he was sitting on his bicycle at 263 West 38 th Street, when a dark-colored ... (click for more)

Chattanooga is my home; I was born here 35 years ago. Without a doubt, this has been one of the most challenging times in our city's history. The #ChattanoogaStrong hashtag will remain for quite some time, but it means so much more than 18 characters on social media. It represents the sorrow and mourning, as well as the resilience and compassion, of our exceptional community. ... (click for more)

UPDATE: A spokesman for the U.S. Navy on Sunday denied reports that disciplinary charges will be filed against Lt. Cmdr. Timothy White for discharging an unauthorized weapon on federal property. According to a post of Facebook and other social media sites, a statement reads, “Stories of Navy personnel being charges with an offense are not true. There is still a long way ... (click for more)